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Merchant Accounts for Small Businesses

Posted on 28 January, 2015
Merchant Accounts for Small Businesses

Photo Credit: Percy Gracy

The profitability of a business hinges on many things. The first order of business is for it to produce income. Merchant accounts enable small businesses to accept debit and credit cards for sales transactions. Companies that do not use merchant accounts and electronic payment gateways to accept payment are missing the boat. However, there are still many small businesses that refuse to accept plastic payment gateways due to misconceptions about the costs of merchant account service.

Small Business Merchant Accounts

By setting up a merchant account in collaboration with a partner whose business is the processing of e-commerce transactions, small businesses can accept credit cards, debit cards, and gift cards. This addition to a business will expand its sales and offer clients and customers more than one method of payment. The use of credit and debit cards accounts for 66 percent of the sales conducted by companies nationwide, according to Community Merchants, USA. It is the preferred form of payment for most customers, so taking plastic is smart business.

Easy-to-use Technology

Making the decision to accept credit cards needn’t be confusing or scary, and finding a reputable vendor to collaborate with is easy. Increased bottom line sales and return on investment can be more easily realized when a business uses a merchant account. Access to sales reports that are generated by most of these systems will also give small businesses the ability to track the sales that are paid by this method.

Increase Sales

The biggest argument from small businesses concerning the acceptance of credit and debit cards is the cost. With new technology and PC-based payment gateways, the price of doing business with plastic has become less costly when using merchant accounts. An increase in sales, due to the availability of multiple payment methods, will bring in enough new business to offset the costs of a merchant account. Training time for learning to use payment gateways is minimal, so employees will be able to learn the new sales methods quickly.

Many small businesses already use point-of-sale systems (POS) that will facilitate merchant account transactions, or they may need other equipment. Some vendors have POS applications with payment gateways accessible through a computer application. There are also vendors such as PayPal, Intuit’s GoPayment and Square. Merchant account services make acceptance of electronic payments as easy as logging into an application on a smartphone.

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Bad credit merchant account credit card processing services

Accept all major credit cards

Regardless of Credit History!